Bangkok Sees a Flurry of Condo-Project Launches Featured

This is end of 2013, residential developers are lining up to give their 2013 sales a final push by launching more projects, such as Pruksa Real Estate Plc's latest condominium, the Bt900-million Condolette Pixel at Sathorn.

Sammakorn Plc is introducing its first condo project, the S9 worth Bt1.07 billion, this week, according to a survey in this week.

Krisdamahanakorn Plc plans to roll out three condo projects worth Bt2.46 billion. The company also plans to rename itself AQ Estate Plc, subject to shareholder approval.

Veranda Resort and Spa has unveiled the Verasidence Pattaya and Veranda Resort and Spa Pattaya. About Bt2 billion will be spent to develop 360 condo units starting at Bt16 million per unit and Bt1 billion to develop the hotel.

Kittipol Pramoj Na Ayudhya, managing director of Sammakorn, said that the company decided to launch a condo project when it saw strong demand in this segment, especially for properties in the neighbourhood of a mass transit line.

The ASEAN Economic Community coming up in 2015 will also boost demand for condos.

"Our first project located on Rattanathibeth Road is near Bang Rak Yai Station. We are studying other locations but they have to be close to a mass transit system," he said.

The company also plans at least two townhouse projects with units selling from Bt2 million-Bt4 million or worth Bt200 million-Bt300 million in total for 2014.

Townhouses

Purchasing power for single family homes has weakened due to the rising cost of land and construction. Demand for townhouses will replace demand for single family homes when the cost to build homes at the same location is higher than for townhouses.

The sites for the townhouse projects are in Ramkhamhaeng, Ramindra and Ratchapruek, he added.

Yongyutt Chaipromprasith, CEO of Krisdamahanakorn, said the company intends to kick off three condo projects worth Bt2.46 billion this quarter to drive its presales to Bt2.3 billion this year.

Yongyutt was appointed CEO after Krisdamahanakorn took a major stake in Aquarius Estate Co in the middle of 2013.

The company aims to join the top 10 property firms within three years. It also targets presales of Bt3.5 billion next year.